Markets Update: Breaking Resistance With Solid Fundamentals

Bitcoin broke through resistance finding a new price level on February 7 and has continued its upward trend. Traders and speculators are still hoping the digital asset’s value will once again break the all-time high (ATH) of US$1,155. Bitcoin’s price had consolidated during the end of last week but now is pushing above the $1,045 range. Meanwhile, the top ten altcoin markets have shown other cryptocurrencies are also benefiting from small price rallies as well.

Also read: Surbitcoin On Hiatus Amid Venezuela Bitcoin Crackdown

The Bitcoin Upswing

Cryptocurrency markets are experiencing some upswing this week as Bitcoin continues to rise. Although far slower than before Bitcoin seems to want to get back to its ATH, and technical charts suggest the price will continue to test new resistance. Early morning on February 7 the price touched a high of $1,058 and gave traders plenty of room for intra-range strategies. Bearish sentiment could bring the price back to $1,000 range, but technical indicators suggest it’s likely we may see an upside push to $1,075-1,080 in the near future.   

Meanwhile, Bitcoin has also been receiving positive attention lately from the media and investors. There have been lots of topics revolving around Bitcoin and the Trump administration, alongside U.S. investors patiently waiting for SEC to approve three Bitcoin ETFs. Additionally, this past week investment analyst, Benjamin Smith of the publication the Lombardi Letter, detailed a very bullish prediction for Bitcoin. Smith reveals to his large reader base his Bitcoin price forecast of $2,000 is “driven by solid fundamentals.”

“Whatever your reasons for owning Bitcoin, this year could yield a decisive “no-doubt” move signal to the world that Bitcoin has “arrived.” There’s simply too much utility for it to be otherwise. Bitcoin and blockchain technology are the future and, in a digital sense, could be considered a superior form of currency,” explains the Lombardi Letter editor.

The Top Ten Cryptocurrencies

This week the second highest valued cryptocurrency Ethereum has seen a slight increase climbing to $11.50 per Ether. The token has regained its $1 billion dollar market capitalization and is currently pushing $7 million in daily trade volume. Ripple trading hasn’t seen any crazy movement this past week as XRP prices have remained consistently stable.  

Litecoin (LTC) is experiencing an upswing as well as the cryptocurrency’s mining community begins signaling for Segwit support. At press time one LTC is just above $4 and currently holds the third most trading volume. The fourth highest valued cryptocurrency, Monero (XMR) has been on a slight downtrend recently. The price per XMR is $12.55 at the time of writing and charts continue to look bearish.

Number five, Ethereum Classic (ETC) has had significant upward velocity over the past two weeks. One ETC is $1.48 per token, and the Ethereum Classic market has captured quite a bit of trading volume recently. The cryptocurrency Dash has had a notable price increase over the past week as the digital currency is now over $17 per token. The rise may be due to Dash’s new protocol upgrade Sentinel which improves the currency’s speed, privacy features, and governance system.

The rest of the top ten cryptocurrencies at the bottom of the list this week are Maidsafecoin, NEM, and Augur. All three of these digital currencies have also been experiencing small price upswings and trade volume increases. One notable cryptocurrency this week that has had a significant price percentage increase was Iconomi which holds the 11th highest market capitalization.

Global Bitcoin Demand Continues to Spark Cryptocurrency Markets      

There’s never a dull day in the world of cryptocurrency markets and trading. Bitcoin continues to hold its position as a significant store of value, and its price volatility has declined quite a bit. Furthermore, as the geopolitical climate gets more chaotic demand for Bitcoin continues to rise exponentially. Localbitcoin’s volumes have exploded throughout the world’s most troubled economies. All of these factors are bringing more worldwide participants to the world of Bitcoin, and the digital asset’s current bull market is a reflection of this global demand.

What do you think about this past week’s cryptocurrency markets? Let us know in the comments below.  

Images courtesy of Shutterstock, Bitcoin.com, and Coinmarketcap.com.

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